Summary

  • US says Airbus subsidies cost it billions in lost trade

  • FTSE races ahead as US keeps rates on hold

  • Three former Tesco executives appear in court

  • Korean Air Lines confirms Hanjin Shipping loan

  1. Miners lift FTSE on Fed bouncepublished at 08:38 British Summer Time 22 September 2016
    Breaking

    BHP Billiton was one of the biggest risers on the US Fed decisionImage source, Getty Images

    The FTSE 100 index leading shares opened in positive territory on Thursday, rising 35.33 points higher at 6,870. 

    The US Fed's decision on interest rates propelled the miners to the top of the blue chips after the dollar fell. Polymetal International rose 5.2% followed by BHP Billiton up 4.6% and Anglo American which rose 4.1%. Antofagasta and Rio Tinto also gained. 

    Investors gave Rolls-Royce's new chief financial officer, Stephen Daintith, a poor reception. It led the FTSE fallers, down 1.9%, after announcing Mr Daintith will join for Daily Mail and General Trust.  

  2. Answers on a postcardpublished at 08:37 British Summer Time 22 September 2016

    Maida veil shopImage source, Anthony Martin

    Inspired by the punning glory of Fantackletastic, we thought we'd ask Business Live readers for the best business pun names you've come across. 

    A few suggestions from here on the business online desk to get us started: 

    • Maida veil (bridal)
    • Curl up and dye (hairdresser)
    • Into the fuscia (florist)
    • Jean Claude Van Man (removals)
    • Bread Pitt (topical bakery name)
    • And the fish-and-chip favourite, The Codfather

    Get in touch at bizlivepage@bbc.co.uk or with us on Twitter @dfamac and @dervj

  3. Fantackletastic!published at 08:24 British Summer Time 22 September 2016

    Fishing Republic has acquired FantackletasticImage source, Getty Images

    Exciting news from Britain's fishing industry - Fishing Republic has landed itself a whopper. 

    The AIM-listed specialist of all things fin-related has acquired Lincoln fishing store Fantackletastic to its growing roster of sites throughout Britain.

    Fantackletastic, which is also online, has everything an angler could need including pike slider cigars, bloodied eels and, somewhat puzzlingly, catapults.

    No price has been disclosed for the deal but clearly, Fishing Republic has got itself the catch of the day. 

  4. 'Make it so'published at 08:12 British Summer Time 22 September 2016

    Hacks have been gently poking fun at Mark Zuckerberg's pledge to "cure, prevent or manage all diseases" by the end of the century...

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  5. Brexit a 'major issue', says insurer Lloyd'spublished at 07:55 British Summer Time 22 September 2016

    Lloyds buildingImage source, Getty Images

    Lloyd's of London, one of the world's biggest insurance markets, has warned on the fallout on its business from the UK's vote to leave the European Union. 

    In its latest results, Inga Beale, the boss of Lloyd's, says: "Clearly the UK's referendum on its EU membership is a major issue for us to deal with and we are now focussing our attention on having in place the plans that will ensure Lloyd's continues trading across Europe."

    She warned before the referendum that a Brexit vote would be bad for UK businesses.

    Lloyd's is a preferred destination for companies seeking EU-wide insurance. It reported a 21% rise in profits in the first half of the year to £1.46bn.

  6. Summer sun warms Mitchells & Butlerspublished at 07:47 British Summer Time 22 September 2016

    Drinkers in the sunImage source, Getty Images

    Summer's last gasp of good weather provided a boost for Mitchells & Butlers.

    The pubs group said like-for-like sales rose by 1.8% in the past two months "supported by favourable weather in recent weeks".

    In the financial year to date, though, total sales fell 0.8%.

  7. London housing market 'softens'published at 07:37 British Summer Time 22 September 2016

    For sale signsImage source, PA

    The boss of Kier Group, one of the country's biggest construction firms, says the London property market has "definitely softened" since the Brexit vote. 

    Haydn Mursell told the BBC that demand around the rest of the country is still good, but the capital had taken most of the impact.

    Housebuilders and estate agents were already reporting a slowing of London's housing market before the referendum.

    Kier reported a loss of £15m for the 12 months to the end of June after making a profit the previous year.  

    Mr Mursell said costs from its acquisition of engineering firm Mouchel were the main reason for the loss.

  8. Rolls-Royce finds new CFO in newspaperspublished at 07:28 British Summer Time 22 September 2016

    Rolls-Royce Trent XWB on the stand at Farnborough International Airshow 2016Image source, Rolls-Royce Holdings

    Rolls-Royce Holdings has plucked its new chief financial officer from Daily Mail and General Trust (DMGT).

    Stephen Daintith will replace David Smith who has been CFO at Rolls-Royce since 2014. DMGT has begun the search for a replacement.

    It has been a torrid few years for the engine-making group, peppered with profit warnings and an ongoing investigation by the Serious Fraud Office into possible bribery and corruption in a number of regions.

    However, chief executive Warren East has taken a number of steps to stabilise the business. 

    Rolls-Royce said Mr Smith will stay on into the New Year to help with the transition.

  9. Zuckerberg disease pledge a 'big goal'published at 07:15 British Summer Time 22 September 2016

    BBC Radio 4

    Mark Zuckerberg and Dr Priscilla Chan have pledged $3bn to end disease by 2100Image source, Getty Images

    Facebook co-founder Mark Zuckerberg admits it is a "big goal" to want to "cure, prevent or manage" all diseases by 2100.

    He and his wife, Dr Priscilla Chan, who is a paediatrician, have pledged to invest $3bn over the next decade to achieve their goal. 

    James Cook, the BBC's LA correspondent, tells the Today programme that a fifth of the money will be invested in technology where medical experts will work with engineers to try and discover cures. 

    In terms of downsides, he says it is hard to think of any and the announcement has been broadly welcomed.

  10. Apple McLaren: Data, not racing carspublished at 06:59 British Summer Time 22 September 2016

    Today Programme
    BBC Radio 4

    McLaren Formula One carImage source, All Sport

    Mike Amey, managing director at investment firm Pimco, says it's an open secret that Apple's interested in developing cars, after the FT reported the tech giant's been in talks with Formula One team owner McLaren. 

    "It's not so much about racing cars and supercars, it's about data analytics," he tells the Today Programme.

    Such analysis is crucial for developing driverless cars, he says.

    McLaren has dampened down the report that Apple made a buyout or investment approach. 

  11. Behind the curtainpublished at 06:52 British Summer Time 22 September 2016

    BBC business presenter Rob Young tweets

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  12. Korea Airlines confirms Hanjin loanpublished at 06:45 British Summer Time 22 September 2016

    Hanjin shipsImage source, AFP/Getty Images

    The board of Korean Air Lines has confirmed it's approved a loan of 60bn Korean won (£41.5m) for troubled firm Hanjin Shipping. 

    The airline, which is Hanjin's biggest shareholder, says the funds will be provided as soon as "the necessary procedure is completed", without elaborating further. 

    Shares in Hanjin, which sought bankruptcy protection earlier this month, jumped 29% in South Korea on reports of the loan.

  13. Shrinking packets and fancy carspublished at 06:41 British Summer Time 22 September 2016

    Front pages for Thursday 22 SeptemberImage source, N/A

    It's a mixed bag on the front pages this morning. The Guardian leads on economic evidence that Britain will avoid a post-Brexit recession.

    For The Times, it reports that supermarkets are preparing to shrink packet sizes and use cheaper ingredients to offset rising costs following Brexit.

    The Financial Times focuses on the US Fed looking likely to raise rates by the end of the year. It also claims that Apple has held talks with car-maker McLaren Technology Group about making an investment or launching a takeover.

    McLaren is denying reports but cars are a big focus for the world's biggest technology companies. Just look at Google and its self-driving cars.

  14. Rates will be 'low for a while'published at 06:36 British Summer Time 22 September 2016

    Today Programme
    BBC Radio 4

    When the Fed does eventually raise interest rates again, it could be a while before other major central banks follow suit, Andrew Wilson, the chief executive of Goldman Sachs Asset Management, tells the Today Programme. 

    The Bank of Japan kept its rates in negative territory yesterday and expanded its quantitative easing programme, he says. The European Central Bank also left its stimulus programme unchanged earlier this month.

    "We think the level of liquidity out there from the Bank of Japan and the ECB will keep interest rates low for a prolonged period," he says.

  15. US Fed to 'raise rates in December'published at 06:27 British Summer Time 22 September 2016

    BBC Radio 5 live

    Janet YellenImage source, Reuters

    Mike Amey, managing director and portfolio manager at Pimco, the world's biggest bond investor, tells Wake up to Money he expects the US Federal Reserve to raise interest rates in December.

    The Fed will also meet in November but that gathering will be just a few days before the US election, making a rate rise then doubtful.

    Mr Amey said that while employment is healthy in the US, the Fed will be keeping a close eye on inflation before making a move. 

  16. Asian stocks rally on Fedpublished at 06:23 British Summer Time 22 September 2016

    Hang Seng stock marketImage source, AFP

    So both the Bank of Japan and the US Federal Reserve played by the book, not upsetting their policies and staying in line with expectations. 

    And that was enough to send stock higher across Asia on Thursday morning. 

    In China, Hong Kong's Hang Seng was up by 0.9% while the mainland benchmark Shanghai Composite jumped by 0.8%. 

    Australia's ASX 200 was up by 0.9% while in South Korea, the Kospi traded 1.1% higher after the morning session. 

    Seoul's standout shares were those of embattled Hanjin Shipping which soared by almost 30% on news that its largest shareholder agreed to provide some emergency cash

    (This post originally said the Nikkei 225 in Tokyo rose 1.9%, but that was Wednesday's rise. It's a public holiday today in Japan - thanks to one of our readers for pointing that out.)

  17. Women on boardspublished at 06:16 British Summer Time 22 September 2016

    IMF chief Christine Lagarde lends her support

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  18. Fed in rerun of last year?published at 06:10

    US Federal ReserveImage source, Getty Images

    As widely expected, the Fed opted to hold rates, external between 0.25% and 0.5% yesterday, although three officials opposed the decision - the most dissents since December 2014.

    Minutes from the Federal Reserve's September meeting also show the majority of policy-makers expect a hike in US interest rates by the end of the year.

    "There had been an expectation that whichever way the Fed went on the decision that it wouldn’t be unanimous, but it would appear for now that the dovish camp has won out on this occasion," said Michael Hewson of CMC Markets.

    "However a December rise remains very much on the table, in an almost identical replay of last year, when the Fed also baulked in September only to subsequently act in December." 

  19. Good morningpublished at 06:00

    Good morning and welcome to Business Live.  

    Today, three former directors of Tesco will appear in court after being charged in connection with a £263m accounting scandal at the supermarket giant.  

    Elsewhere, Micro Focus International which is buying Hewlett Packard Enterprise’s software business for $8.8bn is holding its annual general meeting.

    We'll also have all the reaction and news from the markets as they digest the US Federal Reserve's decision to hold interest rates.